Godrej Fund Management Puts BKC & Thane Commercial Properties For Sale
Godrej Fund Management the real estate private equity firm of Godrej Group has put two of its key investees assets including commercial properties in Mumbai’s business district BKC and in Thane on the block. These marquee properties include a total of 200,000 sq ft office space spread across three floors in commercial projects Godrej BKC and an information technology park project G: Corp Tech Park in Thane’s Ghodbunder road area. Both the properties are estimated to fetch around Rs 1500 crore in total based on the current office property rates in these locations. Both of the properties are amongst the Godrej Fund Management’s early investments and have performed well in terms of returns through lease rentals so far as these are the best assets in their locations. It is now looking to exit these assets in line with its strategy for the initial fund. The fund has already invited bids for these assets and the process is expected to be concluded soon. Godrej Fund Management owned three floors are currently leased to entities including global financial major the Carlyle Group, oil refining company Nayara Energy and alternative investment firm Investcorp at an average lease rental of Rs 330 per sq ft. The project G: Corp Tech Park was built in 2010 by realty developer G Corp and was later acquired by New Vernon Capital. Godrej Fund Management acquired the same in 2018 from New Vernon for around Rs 400 crore. The project has total built-up area of around 750,000 sq ft with a floor plate of 70,000 sq ft. It has total leasable area space of over 600,000 sq ft and is completely leased and occupied at present. It counts Aditya Birla Group and Convergys among its largest tenants with an average rental of around Rs 65 per sq ft. This was one of early assets of Godrej Fund Management picked up when it started investing in office projects around 4-5 years ago.
Tags : Godrej Fund Management real estate private equity firm Godrej Group BKC Thane commercial properties sale